Required: From following data; prepare General Journal entries (Double Entries) and post them into individual ledger accounts and prepare trial balance & Income Statement & Balance Sheet Date Transaction 1-1-15 Mr. Nouman started Business with cash Rs 50,000, stock Rs30,000, Furniture Rs20,000 12-1-15 Purchased goods from Mr.Younis for Rs 30,000 on account(credit) 13-1-15 Paid expenses Rs 2000 14-1-15 Paid Mr.Younis on account Rs 10,000 14-1-15 Salary paid to office staff Rs 50,000 in cash 25-1-15 Sold goods for cash Rs. 100,000 and on credit 500,000 26-1-15 Cash paid to creditors Rs. 10,000 27-1-15 Goods sold for cash Rs 60,000 28-1-15 Cash received from debtors of Rs 150,000 There is no closing stock. Both Stock and Purchase goods will be accounted for as inventory for sale
Required: From following data; prepare General
Date Transaction
1-1-15 Mr. Nouman started Business with cash Rs 50,000, stock Rs30,000, Furniture Rs20,000
12-1-15 Purchased goods from Mr.Younis for Rs 30,000 on account(credit)
13-1-15 Paid expenses Rs 2000
14-1-15 Paid Mr.Younis on account Rs 10,000
14-1-15 Salary paid to office staff Rs 50,000 in cash
25-1-15 Sold goods for cash Rs. 100,000 and on credit 500,000
26-1-15 Cash paid to creditors Rs. 10,000
27-1-15 Goods sold for cash Rs 60,000
28-1-15 Cash received from debtors of Rs 150,000
There is no closing stock. Both Stock and Purchase goods will be accounted for as inventory for sale
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